It’s been an eventful quarter and we are going to cover a lot of ground in this letter. We start off with a discussion of what happened to TIPS last year, a question we are often asked. From there, we run into a familiar gremlin back at work in the banking sector. Then we look ahead into some difficult steering for the Fed and the potential implications for interest rate volatility. We conclude with a review of IVOL as a differentiated spread exposure that does not add corporate credit spreads (credit spreads widen when equities fall), its potential role in a portfolio and its performance and its correlation with other major asset classes.